Blockchain is a record-keeping, distributed technology that allows data storage globally on thousand of servers.The Bitcoin network for example, is based on the blockchain technoloy. Blockchain, as the name itself suggests, is a chain of blocks, where “chain” stands for “a public database” and “block” for “digital information”. Each of the blocks contain digital information such as:
- Date, time and dollar amount of the most recent purchase of the user
- The participants in the transaction
- The specific identity of the block itself, that helps distinguish it from other blocks
